China’s PP, LLDPE futures start week with gains on positive economic data.

Petrotahlil - PP and LLDPE futures on the Dalian Commodity Exchange have started the week with gains amid the positivity generated around the economic data.

China’s manufacturing expanded at its fastest pace since January 2011 with Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) rising to 52.8 in July, survey results unveiled. July marked the manufacturing sector’s third straight month of growth amid China’s recovery from adverse impact of COVID-19 pandemic.

September 2020 LLDPE futures, the most actively traded contract at the Dalian Commodity Exchange, increased CNY105/ton ($15/ton) on August 3 from the previous session.

September 2020 PP futures, the most actively traded contract at the Dalian Commodity Exchange, also posted a smaller gain of CNY70/ton ($10/ton) on August 3 within the same period.

Meanwhile, the two major domestic producers’ overall polyolefin supplies in China were reported at 790,000 tons on August 3, according to traders. These levels were up by 135,000 tons from July 31, Friday.

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Source : ChemOrbis

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